Court empowers AMCON to take over Ubah’s properties

It is, indeed, a trying time for businessman and oil marketer, Ifeanyi Ubah and his company, Capital Oil and Gas Industries Limited. A Federal High Court in Abuja has ordered a temporary forfeiture of over 12 real estate properties located in Lagos, Anambra, Enugu and Niger states.

Justice A. Abdu-Kafarati, in a ruling on Wednesday ordered the nation’s 21 commercial banks to, within three days and upon receiving the order, provide the court with details of Ubah and his company’s financial standing with them.

The court also ordered the Inspector-General of Police, Assistant Inspectors-General of Police and the Commissioners of Police in Lagos, Enugu, Anambra and Niger states to assist in the enforcement of the orders.

Justice Abdu-Kafarati’s orders were on an ex-parte application by the Asset Management Corporation of Nigeria (AMCON) in a suit marked: FHC/ABJ/CS/714/2012.

By the order, Ubah and his company are to grant “immediate possession”of the affected properties to AMCON pending the determination of a substantive suit it filed. The court granted AMCON leave to serve the defendants originating processes in the case on the defendants at 1 Capital Oil Close, Westminster, Ibru Jetty Complex, Ibafon, Apapa, Lagos.

The court also ordered AMCON to enter undertaking as to damages in the event that the court finds that the order ought not to have been given.

This development is coming on the heels of a similar order by a London court ordering a worldwide seizure of Ubah’s known assets.

The court, presided over by Justice Cooke, ordered that until the return date or further order of the court, Ubah and Capital Oil, must not remove from England, Wales or any other part of the United Kingdom, any of their assets, which are in England and Wales valued at over $133 million or in any way dispose of, deal with or diminish the value of any of their assets up to the same value.

The injunction covers the following assets: The property known as Capital Oil and Gas Industries Limited at 1, Capital Oil Close, Westminster; Ibru Jetty Complex, Ibafon Apapa, Lagos State; or the sale of the money, if any of them have been sold.

The court also ordered that until a further order of the court, the respondent and each of the parties are prohibited from taking any steps whatsoever, whether directly or indirectly, to dissipate, dispose or in any way impinge on Access Bank’s right in and to any product covered by six Bills of Lading dated October 8, 2011, October 14, 2011, October 18, 2011, November 10, 2011, November 13, 2011, and December 21, 2011 including (but not limited) to products that have been and will be received into the shore tanks at Apapa, Lagos, and in particular, approximately 40,000 metric tonnes received in June/or August 2012.

The court further directed that Ubah and Capital Oil should within seven days of service of the order swear and serve on Access Bank’s solicitors an affidavit of their assets worldwide exceeding £50,000 in value whether in their own names or not and whether solely or jointly owned, giving the value, location and details of such assets.

It noted that failure by the respondents to comply with the orders of the court would be tantamount to contempt of court.